ACC- I don't think you're missing anything. There is for sure more snow pack this year in the Colorado Basin than last year. Also, the reservoir levels are higer this year than last.
I don't know if this has much of an effect, but since the S. Platte Basin is looking good too, there won't be as much water diverted early season from the Colorado Basin as usual, so I would assume that would mean the rivers in the Colorado Basin would run higher. But I'm not sure.
One thing is for sure...there is a lot more water in the Northern half of Colroado than there was last year!